Annual Report 2007 - hci hammonia shipping ag

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The Company Management Report Financial Statements Notesdetermined in accordance with IFRS, can be reconciled as follows to income tax expenses as reportedin the consolidated income statement:EUR 000’s 2007 2006Earnings before taxes in accordance with IFRS 4,485 -6Group tax rate (in %) 40% 40%Expected tax expense 1,794 -2Permanent differences -1,875 0Non-deductible business expenses 17 0Deferred tax assets not eligible to be recognised 74 0Adjustment of the carrying amount of deferred taxes 2 0Miscellaneous 10 0Tax expense/income as reported in the income statement 22 -2German-based companies in the legal form of a corporation owe corporation tax at a rate of 25% (prioryear: 25%) plus a solidarity surcharge of 5.5% on corporation tax owed. In addition, these companiesas well as subsidiaries in the legal form of partnerships are subject to municipal trade tax, the amount ofwhich is determined based on different assessment rates prevailing in the individual municipalities.As a result of the business tax reform 2008, which was enacted in 2007, the corporation tax rate forGerman-based corporations will be reduced to 15%. Furthermore, a reduction of the trade tax rate ofassessment from 5% to 3.5% as well as changes concerning additions and deductions for the calculationof the trade tax to be paid have to be taken into account.As from the 2004 assessment period, corporation and trade tax loss carryforwards are subject to certainrestrictions. A positive taxable income of up to EUR 1,000 thousand can be reduced without limitation,while amounts exceeding this threshold can only be reduced by up to a maximum of 60% by usingan existing tax loss carryforward.The permanent differences include the effects of minority interests in consolidated net income whichhave been settled already via the tonnage tax.Deferred tax assets on temporary differences or tax loss carryforwards are recognised to the extent thattheir recoverability is sufficiently certain in the near future. In the financial year 2007, no deferred taxassets were recognised for temporary differences and tax loss carryforwards for corporation tax purposesin the amount of EUR 4,040 thousand, and for trade tax purposes in the amount of EUR 4,064thousand, since it is not considered probable that sufficient taxable profit will be available in the nearfuture. The deferred income tax assets capitalised in the prior year were reversed in the year underreview (see Note 8).The ability to carry forward tax losses in Germany is not subject to any restrictions according to the currentlegal situation.58
Notes(32) Earnings per shareEarnings per share reflect the portion of the earnings generated in a given period attributable to oneshare. Earnings per share are calculated by dividing Group earnings by the weighted number of sharesin issue. Earnings per share may be diluted by so-called potential shares (such as convertible bonds orstock options). The HCI HAMMONIA SHIPPING Group does not have any such potentially dilutingagreements on the purchase of shares. Hence, basic earnings per share are equivalent to diluted earningsper share. Basic and diluted earnings per share are calculated as follows:2007 2007 2006Consolidated net income for the yearattributable to equity holders of the parent EUR 000’s 4,485 -4Weighted average number of shares outstanding Number 17,229 50Consolidated net income for the year attributableto equity holders of the parent per share EUR 260.31 -72.38The weighted number of shares in issue for the year under review is calculated on the basis of the openingbalance, and by adding the shares issued within the framework of the capital increase carried out in2007 and registered with the Commercial Register.Shares in issueDaysBalance at 1 January 2007 50 319Capital increase against cash contributions(registered in the register of companies on 16 Nov 2007) 136,364 46Weighted number of shares 17,229 365Notes to the consolidated cash flow statement(33) General informationThe cash flow statement distinguishes between cash flows from operating, investing and financingactivities.(34) Analysis of cash and cash equivalentsCash and cash equivalents as reported in the cash flow statement correspond to the same item reportedin the balance sheet. Cash equivalents are term deposits with an original term to maturity of only acouple of days.(35) Explanation of cash flowsCash flows from operating activities are determined using the indirect method and amount to EUR1,974 thousand (prior year EUR 0 thousand).The change of the cash flows compared to the prior year is attributable to the fact that the HCI HAM-MONIA SHIPPING Group had not commenced operations in the previous financial year.59
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Jens BurgemeisterMember of theManag
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Annual Report 2007 - hci hammonia shipping ag

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